U.S. Congress Endorsed Blockchain Technology as “Revolutionizing”

By
Stefan Filipović

Published
7 months
ago

The year 2017 was quite a turbulent one. Constant power struggles in world politics, sanctions, wars, terrorist attacks and natural disasters are events that occupied global news. In this flood of bad news, cryptocurrencies found its place with it most famous member, Bitcoin. In the sphere of “Global News” Bitcoin was a second most googled word in 2017. This surge of publicity was followed by the surge in prices and this had to be addressed by global powers.

In March this year, The Joint Economic Committee Congress of the United States of America issued Joint Economic report. Chapter 9 of the report is titled “Building a secure future one Blockchain at a time”. Chapter recounts emergence, possible use and future regulations of the technology.

Blockchain Potential

The report states that with the blockchain there will be economic benefits of tackling cybercrime. Also, with its unique decentralized network, it is the main candidate for future better-secured networks. Blockchain technology is praised as nearly invulnerable to cyber-attacks. Also, it is stated that Blockchain is revolutionizing the way the world conducts commerce and shares information.

The report explores the idea for various blockchain uses beyond just the financial layer. It is said that blockchain technology could show promising results in the field of healthcare. Its decentralized network could serve as a secure way to store medical records digitally.

Initial Coin Offerings

In the report, one section is dedicated to Initial Coin Offerings (ICOs). They are defined as a means of raising capital through issuing tokens to be used in exchange for services or goods offered by a given company. ICOs are evaluated as equity preserving and less costly than Initial Public Offerings. ICOs are also offering an advantage to bootstrapping fundraising for future upgrade and maintenance, through transaction fees, token appreciation, and donations. It is concluded that blockchain ventures that succeed, "could transform the way the internet and technology work for decades to come."

Future Regulations

The report states that future regulations should bring more clarification to the field. One of the main issues is the definition of what constitutes a digital asset and how they should be regarded by the law. New policies should be suitable both for taxpayers and regulatory bodies. The great news is that the report states that flexible, collaborative and innovative solutions are the best way for blockchain to thrive. Any constrictive regulations may harm this emerging technology and hinder it “from reaching its full potential.”

Conclusion

Crypto space today is flooded with a lot of different opinions regarding future regulations. Maybe the best way as far as predictions go is to look at the official analysis of government sectors. This report stated some strengths and weaknesses of crypto community nowadays. Weaknesses are manly in the sphere of regulations. With flexible future regulations, it will be possible for blockchain technology to showcase its full potential. As far as the strength of the technology in itself is regarded, there is a consensus that blockchain is the future. Also, there are quite a few promising official statements regarding cryptocurrencies. A buzz about cryptocurrencies is strongly justified as the technology could be the greatest progressive step since the early ‘90s and the internet. This is certainly one thing where the general public and government bodies agree upon!

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